This Derivatives Strategist Is Long Nvidia Ahead Of Key Data Releases

On Tuesday MKM Partners issued a company note on NVIDIA Corporation

head of the company's analyst day on April 5th where the company is expected to announce an upbeat business and financial outlook. Currently, analysts at MKM Partners rate NVIDIA as a Buy with a $39 price target. Jim Strugger, a managing director at MKM Partners, wrote, "MKM Partners Semiconductor Analyst Ian Ing remains bullish on the stock. NVDA's core gaming business, which accounts for 57% of revenue, is strong and there are a number of markets that could drive demand for graphics processing units (GPU) including virtual reality gaming, cloud data center acceleration and autonomous driving." Analysts at MKM Partners gave one key reason why they are long NVIDIA: 1. Business developments, particularly cloud applications MKM Partners highlighted that NVIDIA is expected to give positive news regarding significant product developments, including machine learning for cloud applications. Along with exciting company initiatives, the company is expected to produce F1Q17 earnings in May with consensus EPS forecasts of $0.30 per share. Going forward analysts will take information from the analyst day to make a better outlook forecast for the company. NVIDIA is currently trading at $34.75, down 0.23 percent.